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Oman Insurance Report Q4 2016

  • October 2016
  • -
  • Business Monitor International
  • -
  • 60 pages

Includes 3 FREE quarterly updates
BMI View:

The overall outlook for the non-life sector remains positive. A gradual rise in the rate of real GDP growth over our forecast period should boost incomes and feed into stronger demand for key non-life lines, including motor, property and health insurance, in what is still a market that is very far from saturated, despite being much more developed than the life sector. On a ten year view, our outlook envisages a moderate to modest trajectory for the Omani life insurance segment, after very strong recent growth driven by requirements for the ex-pat community to purchase policies. Over the very long-term, the Life sector has significant growth potential, driven by rising incomes and growing life expectancies, but the local market remains largely dormant for now.

Key Updates And Forecasts

- 2015 was another strong year for Oman's non-life insurance sector, as preliminary data indicates that gross premiums written rose 9.7% in both USD and OMR terms (to OMR400m), an acceleration from the 7.4% recorded in 2014. We expect robust growth in the non-life sector ranging between 4.4% and 9.1% per year during the period 2016 to 2020.

- GDP growth should be moderately supportive for all sectors, rising from 2.3% in 2016 to 3.1% in 2020. In the life sector, growth is likely to remain reasonably strong (from a low base) in 2016 and 2017, with gross premiums written rising 9.5% and 4.8%, driven overwhelmingly by the expat segment, before a cooling in subsequent years.

Table Of Contents

Oman Insurance Report Q4 2016
BMI Industry View 7
Table: Headline Insurance Forecasts (Oman 2013-2020) 7
SWOT 8
Insurance 8
Industry Forecast 10
Life Premiums Forecast 10
Table: Life Premiums (Oman 2013-2020) 14
Table: Life Insurance Claims (Oman 2012-2015) 14
Non-Life Premiums Forecast 15
Table: Non-Life Premiums (Oman 2013-2020) 18
Table: Non-Life Insurance Claims - Rising Trend (Oman 2012-2015) 20
Non-Life Sub-Sector Forecast 20
Table: Non-Life Insurance Premiums by Product Line (Oman 2013-2020) 27
Industry Risk Reward Index 28
MENA Insurance Risk/Reward Index 28
Table: MENA Insurance Risk/Reward Index - Q416 29
Market Overview 30
Life Market Overview 30
Product Offering 30
Competitive Landscape 31
Non-Life Market Overview 33
Product Offering 33
Competitive Landscape 34
Table: Oman Insurance Market Share, 2011-2013 (USDmn) 34
Company Profile 37
American International Group (AIG) 37
AXA 39
Dhofar Insurance 41
Life Insurance Corporation Of India 44
MetLife 47
National Life and General Insurance Company 49
Oman United Insurance Company 52
Methodology 54
Industry Forecast Methodology 54
Sector-Specific Methodology 55
Risk/Reward Index Methodology 57
Table: Indicators 59
Table: Weighting of Indicators 60

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